Yup, tons of projects out there. Here's the thread, I suggest you read into it: https://bitcointalk.org/index.php?topic=1462351.0

If you read that thread or search for specific points that you're wondering or skeptical about, you'll see that a few of your assumptions are inaccurate. If you read and let them dispel themselves, I think that you'd be much more confident in the project! Good luck!